Malaysia
Publication of Financial Sector Assessment Program Documentation—Detailed Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures

This report is an assessment of the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMI) in Malaysia. The central bank is in charge of the payment and settlement systems and the Securities Commission (SC) is in charge of regulation and securities. The payment and security systems are elaborated along with the roles of Bursa Malaysia Securities Clearing, Bursa Malaysia Depo, and the Bursa Malaysia Derivative Clearing mechanism. The Executive Board comments that Malaysia shows consistent commitment in the international market and maintains its stance.

Abstract

This report is an assessment of the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMI) in Malaysia. The central bank is in charge of the payment and settlement systems and the Securities Commission (SC) is in charge of regulation and securities. The payment and security systems are elaborated along with the roles of Bursa Malaysia Securities Clearing, Bursa Malaysia Depo, and the Bursa Malaysia Derivative Clearing mechanism. The Executive Board comments that Malaysia shows consistent commitment in the international market and maintains its stance.

I. Executive Summary

1. There is a clear demarcation of oversight, regulatory and supervision jurisdiction between the Securities Commission and the central bank. The Bank Negara Malaysia (BNM): the central bank is responsible for the oversight of the payment systems and settlement systems for unlisted government, BNM and private debt securities. The Securities Commission (SC) is responsible for the regulation, supervision and oversight of the FMIs for the corporate securities and derivatives market.

2. MyClear a 100% owned subsidiary of the central bank (Bank Negara Malaysia) operates an integrated large value payment and securities settlement system – RENTAS. RENTAS functions as a Real-Time Gross Settlement System which is also integrated with a CSD and also handles securities settlement of unlisted Government, BNM and private debt securities.

3. Securities and derivatives clearing and settlement infrastructure is managed by an integrated exchange holding company: Bursa Malaysia Berhad (BM). The BM is licensed as an exchange holding company and it has a 100% owned subsidiary Bursa Malaysia Securities (BMS) a securities exchange and a joint venture with the Chicago Mercantile Exchange (CME) – Bursa Malaysia Derivatives (BMD) that is licensed as a derivatives exchange. Bursa Malaysia Securities Clearing (BMSC), a 100% owned subsidiary of BM, functions as a central counterparty (CCP) for the securities market and Bursa Malaysia Derivatives Clearing (BMDC), a 100% owned subsidiary of BMD, functions as the CCP for the derivatives market. The BM also has a 100% owned subsidiary Bursa Malaysia Depository (BMDepo) that functions as the lone CSD for the securities traded on the BMS.

4. The BM had planned a default drill for its FMIs well before the FSAP assessment and this has been taken into account in the assessment however the actions taken by the FMIs and authorities subsequent to the FSAP while being acknowledged are not being taken into account in the assessment. The default drill was proposed in January 2012 and was planned to be executed in December 2012. The assessors were notified of the successful conduct of this and also the plans to conduct this on a periodic basis. The principle 13 (default procedures) and principle 14 (segregation and portability) for the BMSC and the BMDC have been assessed taking this into account. A number of other initiatives have been taken post the FSAP assessment that could address specific gaps identified in the FSAP; these are acknowledged however the assessment does not take this into account as part of the rating for the impacted principles and responsibilities. These initiatives include enhancement of stress testing scenarios and overall credit risk framework by the BMSC and BMDC; institution of liquidity risk management stress tests by the BMSC and the BMDC; and, the enhanced MOU entered into between the SC and the BNM and the establishment of a focus group to discuss cooperative oversight arrangements.

5. The RENTAS system was assessed against the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMI) as a unified system although, from a technical standpoint, it involves the operation of three FMIs. The rationale of this choice is that the system is highly integrated. RENTAS observes 19 principles and five principles are not applicable. However, a few areas of further improvement are noted.

  • Legal Basis: The legal framework explicitly provides for finality. However the certainty of protection of collateral placed for liquidity support and protection of repo arrangements is not explicit. This is not an immediate concern as all the participants that use these facilities are supervised by the BNM and the BNM is responsible for initiating insolvency/bankruptcy proceedings for these entities, however when other classes of entities are allowed this could be an area of concern.

  • Collateral: The valuation of collateral placed for intra-day credit facility which could be converted to overnight credit is based on quotes from principal dealers. This could be enhanced by seeking quotes from the Bond Pricing Agency.

  • CSD: The segregation arrangements for the customers that have been provided for in the legal framework should be tested and procedures for implementing portability should be tested.

  • Disclosure Framework: The RENTAS is required to comply with the relevant CPSS-IOSCO standards with the introduction of the PFMIs the RENTAS should comply with the disclosure requirements as well.

6. The BMSC observes 16 principles, broadly observes two, partially observed one, one principle was not observed and four principles are not applicable.

  • Legal Basis: The legal framework for the securities market explicitly provides for finality and protection for collateral but explicitly recognizes netting and novation only at the level of rules. An independent legal opinion has confirmed the enforceability of the rules; however as part of the proposed Financial Services Act these can be addressed at the level of law as well.

  • Credit Risk: The stress testing models need to be enhanced and reviewed monthly against the current quarterly review schedule. The BMSC does not collect margins and the resources used for handling credit risk is the clearing guarantee fund, the SBL-CLA collateral for SBL-CLA related exposures and in addition the liquid assets of the BMSC. The size of the clearing guarantee fund should be enhanced to ensure that committed funds are adequate to handle the default of the participant with the largest exposure. Stress tests in 2011 indicated the committed funds would be just about sufficient, however after inclusion of the stand-by credit facility from the BM defaults of the three participants with the largest exposures could be handled.

  • Margin: The BMSC has established a clearing guarantee fund that is pre-funded by the participants, the BMSC and the stand-by credit arrangement from the BM. This fund is structured to cover the potential exposure of the BMSC from the settlement default of the novated trades of a participant with the largest settlement position. The structure and the objective of the clearing fund do not fully conform to the margin methodology envisaged for the PFMIs. The BMSC should consider instituting a margin mechanism, this can be done by recasting a part of the CGF as a margin which is collected based on the positions of the participants and also have the ability to collect variation margin on an intra-day basis.

  • Liquidity Risk: The BMSC does not have an explicit stress testing model for assessing its liquidity risk. The BMSC should institute this and also subject it to periodic review.

  • Exchange of value: The DVP mechanism is achieved by placing a system-wide freeze on the CSD until the funds leg is completed. However buy-ins initiated to address delivery failures can override the freeze and there could be a scenario where a participant receiving securities as part of the days’ settlement and participate in the buy-in using those securities even before his fund pay-in and potentially default on his funds obligation. This risk is however mitigated by the operational controls required to be instituted by the participants, which ensure that the participant’s clients cannot participate in the buy-in process without them first having met their settlement obligations for the day. The BMSC should ensure that the CSD systems prevent the above scenario from happening or alternatively ensure that the market participants exercise specific operational controls in their processes to prevent this from happening.

  • Default procedures: At the time of the FSAP assessment the BMSC had proposed to carry out a default drill in December 2012 and on a periodic basis thereafter. The assessor was notified about the successful completion of the default drill as planned. The BMSC should ensure that the drill is carried out on an ongoing basis and also any gaps or issues identified are addressed in a time-bound manner.

  • Operational Reliability: The BM manages the BCP at a group level and has a stated RTO of 5.5 hours for critical function which includes depository, clearing and settlement arrangements. The BMSC does not fully test the reliability of the participants BCP procedures.

7. The BMDepo observes 11 principles, broadly observes one and 12 principles are not applicable. The operational reliability issue mentioned for the BMSC applies for the BMDepo as well.

8. The BMDC observed 17 principles, broadly observed four, and three principles were not applicable.

  • Legal Basis, default procedures and operational reliability: The observations related to these principles summarized above for the BMSC are applicable to the BMDC as well.

  • Credit Risk: The stress testing models need to be enhanced and reviewed monthly against the current quarterly review schedule.

  • Margin: The Margin model is currently only reviewed twice a year; it should be reviewed every month with a full-fledged review once a year.

  • Liquidity Risk: The BMDC does not have an explicit stress testing model for assessing its liquidity risk. The BMDC should institute this and also subject it to periodic review.

9. The authorities observe three of the responsibilities and broadly observe two.

  • Responsibility C: The authorities currently do not have a formal mechanism for disclosing their oversight policies with respect to the FMI’S for the securities and derivatives market. The oversight policies for the payment systems are shared in the annual financial stability report, however the extent of coverage could be enhanced and other delivery mechanisms could be considered.

  • Responsibility E: The co-operative arrangements in place should be fully leveraged and the extent of information and scope of collaboration could be enhanced. Information sharing related to concentration limits in settlement banks and letter of credits could be enhanced. The scope of collaboration could be enhanced to jointly explore aspects related to FMIs on an ongoing basis.

II. Introduction

10. The present document is the assessment of systemically important financial market infrastructures in Malaysia based on the Committee for Payment and Settlement Systems (CPSS) and International Organization of Securities Commission (IOSCO) Principles for Financial Market Infrastructures (PFMIs). The assessment was conducted in the context of field missions of the Financial Sector Assessment Program (FSAP) to Malaysia in July 2012.

11. Harish Natarajan (World Bank) was the assessor and was supported by Isaku Endo (also World Bank). This assessment covers the following FMIS: All sub-components of the RENTAS system, the BMSC, the BMDC and the BMDepo and the responsibilities of central banks and the securities as the relevant authorities for financial market infrastructures. The RENTAS technically is comprised of three FMIS – the RTGS, SSS and CSD however the assessment is presented as one for ease of presentation and also because it is operated, overseen and used by the participants as one integrated system. RENTAS is a designated payment system, and in the designation it is recorded as one system. The Bursa Bonds has not been included in the scope, as the participants and the SC are reworking the way they approach this FMI given its evolution from a trading platform to a TR now. The SC is encouraged to consider an assessment of this FMI as a TR in the near future. The FMIs covered in this assessment are listed below.

  • Real Time Electronic Transfer of Funds and Securities (RENTAS) - RTGS

  • Real Time Electronic Transfer of Funds and Securities (RENTAS) - CSD

  • Real Time Electronic Transfer of Funds and Securities (RENTAS) - SSS

  • Bursa Malaysia Securities Clearing (BMSC) – CCP

  • Bursa Malaysia Derivatives Clearing (BMDC) – CCP

  • Bursa Malaysia Depository (BMDepo) – CSD

12. The links of the RENTAS with the Euroclear has not been included in the scope, as it has been introduced very recently and the usage has not yet started. The assessment tables includes some remarks on this linkage however it has not been included in the key conclusions for the relevant principles.

13. The information used in the assessment included all relevant laws, rules and procedures governing the systems, material available on these FMIs in the public domain and from the central bank and the securities commission. In addition, extensive discussions were held with the regulators and overseers – Bank Negara Malaysia (Central Bank) and Securities Commission of Malaysia (SC), the systems operators – MyClear and Bursa Malaysia; and stakeholders such as commercial banks and market participants. In addition, the mission team was provided with:

  • A self-assessment of the RENTAS system against the CPSS Core Principles for Systemically Important Payment Systems against the CPSS-IOSCO Recommendations for Securities Settlement Systems.

  • A self-assessment of the BMSC and the BMDC against the CPSS-IOSCO Recommendations for CCPs.

  • A self-assessment of the BMSC and BMDepo against the CPSS-IOSCO Recommendations for Securities Settlement Systems.

  • The responses from the authorities and the operators of these systems to a set of questions to fill the gaps between the self-assessments and the new information required for assessment against the PFMIs.

14. The methodology used follows the CPSS-IOSCO Principles for Financial market infrastructures (April 16, 2012) and the Assessment methodology for Principles for FMIs (Consultative Report, April 16, 2012) and the Disclosure framework for financial market infrastructures (Consultative Report April 16, 2012).

III. Payment and Securities Settlement Systems Landscape

A. Legal and regulatory framework

15. The legal framework for the payment and settlement system can be grouped into two – one group for the payment systems and government securities; and, another for the equities, corporate debts and derivatives. In addition there are legal provisions that protect some of the common aspects like recognition of electronic means of initiating payment and securities transfer instructions and the recognition of contracts.

16. The legal framework for payment systems and government securities includes Central Bank of Malaysia Act 2009 (CBA) that provides the mandate for Bank Negara Malaysia (BNM) to own and operate payment and settlement systems and Payment System Act 2003 (PSA) that strengthens the payment and settlement systems oversight powers and firmly establishes the BNM as the authority responsible for promoting the reliable, efficient and smooth operation of the national payment and settlement systems. The PSA provides enhanced oversight powers to the BNM over systems that the BNM designates as systemically important payment system. The PSA requires the operator of designated payment systems to develop operating rules and procedures including default provisions. The PSA further provides primacy to the default procedures of a designated payment system over any other legal provision in Malaysia including insolvency related proceedings. The PSA requires certain minimum governance arrangements for all payment systems operating in the country. There are other specific legal measures that govern aspects related to the government securities. These acts are the Treasury Bills Act, Loans (local) Act and Loans (local) ordinance. These legal measures include aspects related to de-materialization of government securities and provisions related to investor protection.

17. The corporate securities – both equity and bonds and derivatives clearing and settlement systems are governed by Securities Commission Act (1993), Capital Market and Services Act 2007 (CMSA) and Securities Industry (Central Depositories) Act 1991 (SICDA). The Securities Commission Act (SCA) establishes the duties, responsibilities and operating arrangements for the Securities Commission. The CMSA provides the overall framework for operation of various entities in the security markets like stock exchange, clearing houses and trade repositories. The SICDA provides the overall regulatory framework for depositories and immobilization of securities in approved depositories.

18. The CMSA requires the licensed exchanges and clearing houses to prioritize public interest, safety and efficiency aspects over their commercial objective and also establish rules and procedures and in particular in relation to handling of participant defaults. The CMSA provides for the primacy of the default procedures of a clearing house in particular over insolvency and bankruptcy related proceedings. The CMSA requires all participants of the exchanges and other entities playing a role in the securities market to be licensed by the SC.

B. Large Value Payment Systems

19. The BNM has established a fully-owned subsidiary MyClear to operate the large value payment and settlement system: RENTAS. The RENTAS system itself is also owned by the BNM but is operated by MyClear under a SLA. The RENTAS system is an integrated system that provides RTGS services along with a SSS and CSD for government securities and Private Debt Securities (PDS). In addition to operating RENTAS, the MyClear owns and operates a number of retail payment systems – Giro for inter-bank credit transfers, eSPICK an automated cheque clearing house, MyMobile a mobile payments platform and FPX an online banking enabled payment system. The RENTAS and eSPICK system are designated payment systems given that RENTAS is a systemically important payment system and eSPICK is widely used.

20. RENTAS settles MYR transactions in real-time and on gross basis in central bank money. RENTAS system consists of the following major modules: Inter-bank Fund Transfer System (IFTS), MYR Settlement Account System (MYR SAS), Foreign Currency Transfer Settlement Account System (MCT SAS), and Scripless Securities Depository and Settlement System (SSDS). The business hours for Malaysian Ringgit Settlement in RENTAS are from 8:00 am to 6:00 pm on all business days.

21. The RENTAS system is used for the MYR denominated local large value credit transfers on a real time gross settlement basis; DVP and free-of-payment settlement for securities transfers; USD-MYR PvP transactions through a link with the USD CHATS in the Hong Kong; MYR-RMB PvP transactions through a link with the Bank of China in Malaysia; and, the link with Euroclear for securities transfers and settlements for investment by RENTAS participants in securities deposited with or linked to Euroclear. The RENTAS link with the Euroclear and the BOCM are very recent developments and there has been no usage since the system went live in April 2012.

Figure 1:
Figure 1:

Malaysia’s National Payments System

Citation: IMF Staff Country Reports 2013, 058; 10.5089/9781475570991.002.A001

22. The RENTAS system functions as an integrated system with a common overarching rules framework and membership agreement, under which certain module specific rules have been created. The BNM has been historically overseeing the RENTAS system as one integrated system and not as individual component infrastructures. All the different services of RENTAS are accessed through a common front-end and are seen as one integrated system by the users as well.

23. As of June 2012 RENTAS has 68 members. The following regulated institutions are eligible to access RENTAS:

  • Commercial Banks (25)

  • Islamic Banks (16)

  • Investment banks co-regulated by BNM and the Securities Commission of Malaysia (15)

  • International Central Securities Depository (ICSD) and National Central Securities Depository (CSD) (1: Euroclear)

  • Central banks/monetary authorities and qualified foreign licensed institutions (1: BNM)

  • Qualified domestic entities that provide payment and clearing services (clearing houses) (2: MEPS, eSPICK)

  • Qualified institutions whose admission will promote the development of the Malaysian financial markets. (8: Development financial institutions and others)

24. The RENTAS provides customer omnibus accounts in the CSD sub-component. The RENTAS members who wish to provide depository services sign-up for this service. These institutions are called Authorized Depository Institutions (ADI). Currently there are 61 ADIs. The ADIs are required to open three accounts – one for the ADI’s proprietary holdings, one omnibus account for the domestic clients and one omnibus account for the foreign clients. The TBA, LO and the GFA require the ADIs to segregate the client accounts in their books and that the clients holdings are held in trust and should not be treated as the holdings of the ADI.

25. The sources of liquidity for the transactions in RENTAS are: participants opening balances, participant’s statutory reserve balances placed with the BNM, incoming transfers and intra-day credit facility. The Intra-day Credit Facility (ICF) is fully collateralized and is interest-free. The ICF is available only to banks, Islamic banks and investment banks. The eligible securities are those issued by the Malaysian Government and BNM as well as private debt securities with a minimum credit rating of ‘AAA’ which are deposited in RENTAS. The collaterals accepted for ICF is aligned with those accepted for the standing-facility of the BNM offered to the same of institutions. This enables conversion of the ICF if the need arises to an overnight loan under the standing facility.

26. In 2011 RENTAS settled RM47.2 trillion, representing more than 53.5times Malaysia’s annual GDP. On an average the stand-alone funds transfer and securities settlement transactions put together, the system processes about 14,000 transactions per day with an average daily value of RM193 billion. The securities settlement transaction account for around 6.2% by value and 3.3% by volume.

Figure 2:
Figure 2:

RENTAS volumes and values

Citation: IMF Staff Country Reports 2013, 058; 10.5089/9781475570991.002.A001

C. Retail Payment systems

27. MyClear operates four retail payment systems: eSPICK Interbank GIRO, FPX and MyMobile. eSPICK is an image-based clearing system where the check image and magnetic ink character recognition (MICR) code line data are captured and transmitted electronically to facilitate clearing. The eSPICK settles on a T+1 basis in central bank money through RENTAS. On average, eSPICK processes 17.8 million cheques transactions amounting to RM164.99 billion monthly and 0.84 million transactions worth RM8.05 billion daily. The table 1 provides the transaction statistics for the retail payment instruments in 2011.

Table 1:

Retail Payment Instruments Usage Statistics - 2011

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28. The Malaysian Electronic Payment System (MEPS) operates the Shared ATM Network (SAN). In 2011, SAN expanded its membership to include five locally-incorporated foreign banks, allowing nearly all account holders in Malaysia access to 11,689 ATMs nationwide via a single network. In addition to credit, debit and charge cards, E-money is widely used in Malaysia. Seven banks and 16 non-banking entities offer e-money services. The largest e-money operator Touch n’ Go processed 796.8 million transactions for a value of 2.3 billion MYR.

D. Securities Settlement Systems

29. The securities clearing and settlement system in Malaysia are vertically organized market wise for the three different markets: the bond market, the equities market, and the derivatives market (see table 2).

Table 2:

Securities Market Statistics for 2011

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30. Bonds such as Malaysia Government Securities (MGS), Bank Negara Malaysia Bills (BNB), Cagamas Papers, PDS and ABS are issued through the BNM managed system - Fully Automated System for Issuing /Tendering (FAST). FAST is a web based system and supports issuances of debt securities both through tender or non-tender basis. This system integrates with the RENTAS for settlement of funds and also for transfer of securities. The secondary market for bonds is primarily OTC and all trades are required to be reported to the Bursa Bonds within 15 minutes. The only bonds currently traded on the BMS are loan stocks (commercial papers).

Figure 3:
Figure 3:

Overview of the securities and derivatives market in Malaysia

Citation: IMF Staff Country Reports 2013, 058; 10.5089/9781475570991.002.A001

31. The Bursa Malaysia Group a public listed company is the holding company for all the institutions operating in the equities and derivatives market. Its 100% subsidiary Bursa Malaysia Securities (BMS) is the stock exchange where all equities, ETFs, warrants, Real-Estate Investment Trusts (REITs), loan stocks (commercial papers) and Islamic securities (Sukuk) are traded. The Bursa Malaysia Derivatives (BMD) is the futures and options exchange; it is a joint venture between the Bursa Malaysia (75%) and the Chicago Mercantile Exchange (CME – 25%). The Bursa Malaysia Depository (BMDepo) is the Central Securities Depository (CSD) where all the equities traded on the BMS are immobilized. The services of each of these institutions are described further below. The market capitalization in 2011 was MYR 1.28 trillion.

32. The BMS operates the screen based real-time trading platform Bursa Trade Securities (BTS) system through which trades by markets participants are placed and matched in real-time. In 2011, there were 35 participants and on an average MYR 1.7 billion was traded daily. In 2011, there were 941 equities listed in the BMS across two markets the main and the alternate market – ACE. The matched trades are cleared and settled through a 100% owned subsidiary of the BMS – Bursa Malaysia Securities Clearing (BMSC). The BMSC functions as a CCP, and settles trades at T+3 on a DVP model 2 basis.

33. BMDepo functions as the CSD for the equities, warrants, ETFs and Sukuk securities traded on the BMS. The BMDepo uses a beneficial owner account structure. The investors in the securities market are required to open accounts through the participants of the BMDepo who are also participants of the BMS. The account though in the name of the investor is linked to a participant and if the investor places trades through another participant another account needs to be opened. There were 4.2 million CSD accounts in 2011.

34. BMD is the derivatives exchange that is used for trading of all derivative products comprising of commodity futures and options, interest rate futures1 and equity index2 and single stock futures and options. In all there are 10 products that are traded at the BMD. The Futures on Crude Palm Oil (FCPO) is the main product traded on the exchange and it is the global benchmark for the palm oil industry. The trading is through a screen-based on-line GLOBEX trading system of the CME. All matched trades are sent to the Bursa Malaysia Derivatives Clearing (BMDC) for the clearing and settlement of the trades. The BMDC functions as the CCP.

E. Oversight arrangements

35. The Payment Systems Act (PSA) and the Central Bank Act (CBA) empowers the BNM to be the overseer of the payment systems; securities settlement system and central securities depositories for the Government securities. The PSA provides enhanced oversight powers to the BNM over designated payment systems. The designation could be for systems that are of systemic importance or in public interest. The BNM has designated the RENTAS system and eSPICK system. These designated systems are required to comply with international standards in particular those issued by the CPSS and IOSCO and required to submit detailed information periodically. All the rules and procedures of these systems are subject to the approval of the BNM. The BNM conducts periodic dialogue with the operators of these systems and also has the powers to audit and call for detailed information from the operators.

36. The Securities Commission Act (SCA) and the Capital Market Services Act (CMSA) empower the SC to oversee the orderly functioning of the capital market and all the entities connected with it. Accordingly the SC oversees the functioning of the exchanges- BMS and BMD; the CCPs – BMSC and BMDC; the CSD – BM Depo. The SC requires these institutions to submit detailed information periodically and also subjects them to periodic audits. These institutions are also required to comply with the prevalent international standards in particular those issued by the CPSS and IOSCO. All the rules and procedures of these entities are required to be approved by the SC. The SC also supervises the participants in these securities and derivatives markets entities, in addition as required under the CMSA, the BMS and BMD are required to ensure safe, reliable and efficient operations of the clearing and settlement infrastructure for securities and derivatives market transactions.

IV. Summary Assessment

A. Summary assessment of the principles

Table 3:

Ratings Summary RENTAS – RTGS component

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Table 4:

Ratings Summary RENTAS – CSD and SSS components

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Table 5:

Ratings Summary BMSC

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Table 6:

Ratings Summary BMDepo

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Table 7:

Ratings Summary BMDC

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B. Summary assessment of the responsibilities

Table 8:

Ratings Summary – Responsibilities of Authorities

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C. Recommendations for FMIs

Table 9:

Prioritized List of Recommendations – RENTAS (RTGS, CSD and SSS)

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Table 10:

List of Prioritized Recommendations: BMDC

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Table 11:

List of Prioritized Recommendations - BMSC

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Table 12:

List of Prioritized Recommendations – BMDepo

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D. Recommendations for Authorities

Table 13:

List of Prioritized Recommendations – Authorities

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V. Detailed Assessment – RENTAS (RTGS, CSD and SSS)

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